China Plans to Create Separate Blockchain Infrastructure to Legalize Only NFT
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- Red Date Technology aims to develop a compliant NFT platform.
- Ethereum and WeBank’s Fisco Bcos will be part of the BSN-DDC architecture.
Cryptocurrency is illegal in China, but that doesn’t imply that non-fungible tokens (NFTs) must also be outlawed. South China Morning Post reports that cryptocurrency-related infrastructure in China will be separated from the one used to manufacture NFTs to avoid a negative impact on the country’s NFT business.
Blockchain-based Service Network (BSN) is building a new blockchain infrastructure project that enables people and enterprises to construct and administer NFT’s without requiring infrastructure designed specifically for crypto. Earlier this year, China placed a national ban on cryptocurrency ownership and mining.
Possible to Buy NFT’s With Fiat Cash
The BSN-Distributed Digital Certificate (BSN-DDC) is the formal name of the new infrastructure. It will be possible to buy NFTs with standard fiat cash via user portals and applications.
These will break the NFT business’s ties to the cryptocurrency industry. It’s because NFTs are built on top of the same blockchain technology as cryptocurrency. Ethereum was used to construct the first NFTs, although other cryptocurrencies have subsequently incorporated NFT functionality.
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BSN’s tech support provider Red Date Technology CEO Yifan He emphasized that NFTs are lawful in China as long as they are not utilized in conjunction with Bitcoin (BTC) or other cryptocurrencies. To allow for an on-chain governing body, the next infrastructure will use an open, permissioned blockchain.
Ethereum and WeBank’s Fisco Bcos will be part of the BSN-DDC architecture, interconnecting ten different types of blockchains. One of these international BSN portals will let developers create blockchain-as-a-service apps. Red Date Technology aims to develop a compliant NFT platform that is completely independent of the ordinary profile of crypto by allowing a single authority to oversee the infrastructure and intervene in the case of illicit conduct.
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